Cortrust Mortgage Rates, Fees & Info

SIOUX FALLS, SD

LEI: 213800M6RMI3YBX62W88

Tax ID: 46-0429381

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cortrust Mortgage is a smaller mortgage company specializing in Home Purchase loans. Cortrust Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Aberdeen, Mitchell, Yankton, and Minneapolis among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Cortrust Mortgage has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cortrust Mortgage is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.53% 4/18/24
    30 Year Conventional Refi 6.43% 4/18/24
    30 Year Cash-out Refi 6.60% 4/18/24
    30 Year FHA Purchase 6.97% 4/18/24
    30 Year FHA Refi 6.27% 4/18/24
    30 Year VA Purchase 6.04% 4/18/24
    30 Year USDA Purchase 6.78% 4/18/24
    15 Year Conventional Purchase 5.81% 4/18/24
    15 Year Conventional Refi 6.00% 4/18/24
    15 Year Cash-out Refi 6.00% 4/18/24
    15 Year USDA Purchase 5.68% 4/18/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Cortrust Mortgage Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Cortrust Mortgage. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    462

    Origination Dollar Volume (All Markets)

    $85,580,000

    Awards

    CORTRUST MORTGAGE 30 Year Conventional Loans gold CORTRUST MORTGAGE VA Loans bronze CORTRUST MORTGAGE USDA Loans gold CORTRUST MORTGAGE VA Loans gold
    Show all (4) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    SIOUX FALLS, SD (FHA|USDA|VA) 238 $48,660,000 $204,454 $4,783 4.48%
    Aberdeen, SD (FHA|USDA|VA) 58 $9,720,000 $167,586 $5,049 4.37%
    Outside of Metro Areas 57 $7,555,000 $132,544 $3,862 4.46%
    Mitchell, SD (FHA|USDA|VA) 34 $5,030,000 $147,941 $3,544 4.33%
    Yankton, SD (FHA|USDA|VA) 24 $4,120,000 $171,667 $3,927 4.51%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 15 $3,655,000 $243,667 $4,995 4.76%
    Vermillion, SD (FHA|USDA|VA) 10 $1,540,000 $154,000 $3,649 4.53%
    Watertown, SD (FHA|USDA|VA) 6 $1,110,000 $185,000 $5,094 4.35%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $960,000 $240,000 $5,202 4.50%
    RAPID CITY, SD (FHA|USDA|VA) 2 $510,000 $255,000 $6,480 4.69%
    Brookings, SD (FHA|USDA|VA) 2 $380,000 $190,000 $4,788 4.50%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $325,000 $325,000 $5,147 4.75%
    Spirit Lake, IA (FHA|USDA|VA) 2 $320,000 $160,000 $5,016 3.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $295,000 $295,000 $6,822 4.75%
    BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $295,000 $295,000 $6,023 5.38%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $5,794 3.75%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $195,000 $195,000 $8,480 5.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,719 4.50%
    Pierre, SD (FHA|USDA|VA) 1 $145,000 $145,000 $4,164 4.75%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $135,000 $135,000 $3,296 4.50%
    Huron, SD (FHA|USDA|VA) 1 $135,000 $135,000 $3,833 4.50%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $55,000 $55,000 $2,791 4.63%
    Cortrust Mortgage's top markets include Sioux Falls, Aberdeen, Mitchell, Yankton, and Minneapolis among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against CORTRUST MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SERVICE FIRST FEDERAL CREDIT UNION
    Similarity Rank: 380
    SIOUX FALLS
    Similarity Rank: 385
    Cornerstone State Bank
    Similarity Rank: 408
    First National Bank of Omaha
    Similarity Rank: 460
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 468
    BANKWEST, INC.
    Similarity Rank: 494
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 528
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 530
    MEMBERS COOPERATIVE
    Similarity Rank: 630
    Dacotah Bank
    Similarity Rank: 714

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 404 $74,950,000 $185,520 $4,333 4.50%
    VA 26 $5,760,000 $221,538 $7,001 4.04%
    FHA 17 $2,785,000 $163,824 $6,345 4.54%
    USDA 15 $2,085,000 $139,000 $4,815 4.10%

    For 2018, Cortrust Mortgage's most frequently originated type of loan was Conventional, with 404 originations. Their 2nd most popular type was VA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 320 $63,120,000 $197,250 $4,819 4.50%
    Cash Out Refi 95 $16,165,000 $170,158 $4,279 4.39%
    Refi 42 $5,800,000 $138,095 $3,522 4.35%
    Other 5 $495,000 $99,000 $3,204 4.23%

    For 2018, Cortrust Mortgage's most frequently cited loan purpose was Home Purchase, with 320 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 360 $70,040,000 $194,556 $4,784 4.57%
    15 Year 74 $11,770,000 $159,054 $3,941 4.02%
    20 Year 24 $3,550,000 $147,917 $3,620 4.33%
    10 Year 4 $220,000 $55,000 $2,935 3.88%

    For 2018, Cortrust Mortgage's most frequently cited loan duration was 30 Year, with 360 originations. The 2nd most popular length was 15 Year, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 187 $20,695,000 $110,668
    $2k-3k 138 $25,840,000 $187,246
    $3k-4k 79 $22,055,000 $279,177
    $4k-5k 22 $8,120,000 $369,091
    $<1k 19 $1,315,000 $69,211
    $5k+ 17 $7,555,000 $444,412

    Cortrust Mortgage's average total fees were $4,784, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 187 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 342 $64,990,000 $190,029
    3-4% 91 $14,875,000 $163,462
    5-6% 29 $5,715,000 $197,069

    During 2018, Cortrust Mortgage's average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was 4-5%, with 342 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 203 $29,995,000 $147,759 $3,950 4.49%
    $200k-400k 146 $39,280,000 $269,041 $5,983 4.47%
    $100,000 or less 91 $6,535,000 $71,813 $2,958 4.39%
    $400k-600k 22 $9,770,000 $444,091 $7,641 4.45%

    2018 saw Cortrust Mortgage place emphasis on $100k-200k loans with 203 originations, totaling $29,995,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 136 $20,510,000 $150,809 $4,293 4.43%
    $50k or less 96 $10,900,000 $113,542 $3,409 4.52%
    $100k-150k 88 $20,210,000 $229,659 $5,114 4.42%
    $75k-100k 82 $16,590,000 $202,317 $5,064 4.52%
    $150k-250k 35 $10,135,000 $289,571 $5,636 4.49%
    $250k+ 20 $6,320,000 $316,000 $5,902 4.34%

    Cortrust Mortgage lent most frequently to those with incomes in the $50k-75k range, with 136 originations. The second most popular income band? $50k or less, with 96 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 108 $17,740,000 $164,259 $4,260 4.39%
    30-36% 102 $18,260,000 $179,020 $4,364 4.51%
    <20% 26 $4,140,000 $159,231 $3,867 4.30%
    46% 25 $5,365,000 $214,600 $5,245 4.57%
    36% 23 $3,905,000 $169,783 $4,489 4.67%
    40% 21 $4,565,000 $217,381 $4,882 4.43%
    42% 20 $3,870,000 $193,500 $4,899 4.39%
    44% 16 $3,320,000 $207,500 $4,785 4.59%
    37% 16 $2,410,000 $150,625 $4,228 4.48%
    47% 16 $3,230,000 $201,875 $4,399 4.62%
    41% 16 $3,190,000 $199,375 $4,399 4.39%
    48% 15 $3,375,000 $225,000 $5,155 4.73%
    43% 15 $3,385,000 $225,667 $5,094 4.48%
    39% 12 $2,560,000 $213,333 $6,263 4.38%
    38% 9 $1,555,000 $172,778 $4,168 4.10%
    49% 8 $1,870,000 $233,750 $6,420 4.44%
    45% 7 $1,455,000 $207,857 $4,294 4.71%
    50-60% 6 $1,270,000 $211,667 $6,254 4.21%

    Cortrust Mortgage lent most frequently to those with DTI ratios of 20-30%, with 108 originations. The next most common DTI ratio? 30-36%, with 102 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 426 $79,550,000 $186,737 $4,566 4.47%
    Not provided 29 $4,485,000 $154,655 $4,435 4.40%
    Asian 4 $890,000 $222,500 $5,012 4.16%
    Other Asian 1 $315,000 $315,000 $5,742 4.75%
    Black 1 $215,000 $215,000 $7,645 4.50%
    American Indian 1 $125,000 $125,000 $5,454 4.38%

    Approval Rates

    Total approvals of all applications
    89.77%

    Cortrust Mortgage has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.65%

    Cortrust Mortgage has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 462 $85,580,000 $185,238

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $115,000 $115,000
    Single Family (1-4 Units):Site-Built 461 $85,465,000 $185,390

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,315,000 $101,154 $3,276 4.36%
    40-60% 50 $7,560,000 $151,200 $3,795 4.23%
    60-80% 154 $31,390,000 $203,831 $4,464 4.45%
    80-100% 234 $43,480,000 $185,812 $4,767 4.55%
    Over 100% 7 $1,525,000 $217,857 $9,523 3.89%
    Under 20% 3 $195,000 $65,000 $3,055 3.96%